Palmpay Loan | How to Borrow Money from Palmpay Without BVN

As a Nigerian, you can borrow money from Palmpay without BVN? It’s a matter of how much loan can you take from Palmpay for the first time and for what period?

First off, Palmpay is a popular app in Nigeria where you can get loans for your business or personal needs. You can also do things like transfer money, pay bills, and buy data.

There are different loan options available, with reasonable interest rates and some even without interest. Here are some key features:

• Low interest rates
• Up to 150,000 naira for personal loans or 500,000 naira for business loans
• Quick disbursement
• Flexible repayment
• No need for collateral, paperwork, or guarantors
• You can borrow without a BVN

Requirements

To qualify for palmpay loan, you need to meet the following requirements

1. Have palmpay app installed on your phone
2. Have used the app to perform some transactions
3. Have linked your bank account to Palmpay app
4. Live in Nigeria

What is Palmpay Loan Interest Rate?

Palmpay offers one of the best loan service in Nigeria presently. Before you apply, its important you know their interest rate.

You need to know that palmpay offers different types of loans. They offer pos loan, flexi credit and flexi cash loans, each of these with its interest rate.

For instance

Palmpay Flexi Credit is absolutely interest free as long as you pay back on the due date. This is a mini loan that you can use to purchase items from within the palmpay app.

Palmpay flexi cash comes with daily interest of 10 naira on every 1000 naira you borrowed. So if you’re loaned 30,000 naira your daily interest would be 10 x 30 which is 300 naira.

Palmpay pos loan comes with daily interest rate of 0.01%. This loan is specifically meant for businesses especially Pos agents.

As you can see, palmpay interest rate depend on their type of loans you take. But its a good thing that you can rest assured that their loans are safe to take.

However, It’s important to confirm their interest on your loan during the application process and ensure you agree before proceeding. This is because interest rates can change over time.

Follow the steps below

Step 1: Download and sign up for the Palmpay app from the Google Play Store or Apple App Store.

Step 2: Set up your account by configuring things like biometrics and KYC. It’s easy, the app will guide you through it.

Step 3: You can borrow some money without a BVN, but to get more, you’ll need to add your BVN.

Step 4: Apply for the loan in the finance section of the app. Fill in your details and follow the prompts.

Step 5: Wait for approval. This usually doesn’t take long.

Step 6: Once approved, you can withdraw the money to your bank account or use it within the app.

If you’re borrowing without a BVN, you might get a smaller amount at first. But don’t worry, once you link your BVN, you can borrow more.

It’s important to pay back your loan on time. If you don’t, Palmpay might block your phone and report you to credit bureaus, which can make it hard to get loans in the future.

How to increase Loan limit

To increase your maximum loan amount, you can:

• Complete KYC
• Add your BVN
• Add a photo to your profile
• Do more transactions on the app
• Pay back your loans early

FAQs

Here are some FAQs about Palmpay loans:

• How do I borrow from Palmpay? Just have an account and use the app for a while. Then you can access the loan feature and apply.
• How much can I borrow for the first time? Usually between 10,000 and 25,000 naira.
• What’s the interest rate? It varies depending on the amount and duration of the loan.
• Can I borrow airtime or data? No, but you can buy airtime and repay later.
• How long does it take to get a loan? Usually just a few minutes.
• Can I repay early? Yes, to repay before the due date, just login on Palmpay app and on the loan section, click on repayment and follow the steps that follows.

If you have any other question, you can contact Palmpay for help

If you can’t get a loan through Palmpay for some reason, there’s another option within the app called OK card. You can borrow up to 10,000 naira interest-free, as long as you pay it back on time.

In conclusion, borrowing from Palmpay is convenient and hassle-free. Just download the app, follow the steps, and you’ll have access to quick loans and other financial services